South Korea’s ramen exports soar, achieving $780 Million milestone for the first time

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November 21, 2023

For the first time, South Korea has achieved a milestone as its ramen exports surpassed 1 trillion won ($780 million). This achievement coincides with the 60th anniversary celebration of Korean ramen, marking six decades of the country’s iconic instant noodle.

Taking into account the production and direct sales from international facilities operated by ramen companies, the estimated actual global export value is believed to have exceeded 2 trillion won.

According to trade data published by the Korea Customs Service on Monday, ramen exports from January to October this year amounted to $785.25 million, indicating a 24.7% surge compared to the corresponding period in the previous year.

When converted at an exchange rate of 1,300 won per dollar, the value translates to 1.02 trillion won, marking the first time ramen export value has surpassed 1 trillion won.

With the two remaining months in the year, the anticipated annual export value for this year is expected to range between 1.2 and 1.3 trillion won.

This marks a new record for the ninth consecutive year since 2015.

The ramen export volume between January and October of this year totaled 201,363 tons, indicating a 13.9% rise compared to the corresponding period last year.

Although this figure remains below last year’s annual export volume of 215,953 tons, it is anticipated to establish a new record considering the remaining two months.

Regarding ramen export value by country between January and October this year, China claimed the top spot with $174.45 million, followed by the US at $170 million, Japan at $48.66 million, the Netherlands at $48.64 million, Malaysia at $39.67 million, and the Philippines at $30.9 million.

Australia secured $30.16 million, Thailand attained $30.07 million, the UK reached $29.8 million, and Taiwan garnered $28.13 million, placing them within the top ten ramen export destinations.

The global popularity of Korean ramen can be credited to its acknowledgment as a convenient and budget-friendly meal choice amid the COVID-19 pandemic.

The ascent of Korean ramen’s popularity is also attributed to the success of the 2020 film Parasite, which clinched four Academy Awards, including Best Picture.

The movie Parasite highlights Chapaguri, a combination of Nongshim’s Chapagetti and Neoguri, further intensifying interest in Korean ramen flavors.

Moreover, with the ongoing global dissemination of Korean cultural content, there is a growing fascination with K-food, including ramen.

Kraft Heinz strengthens executive bench with five new additions ahead of CEO transition

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November 21, 2023

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The Kraft Heinz Company has unveiled the addition of five new members to its executive leadership team, poised to collaborate closely with Carlos Abrams-Rivera as he assumes the CEO role in 2024.

In August 2023, Kraft Heinz announced that Abrams-Rivera would transition from his position as president of the North America zone to succeed the departing Miguel Patricio as chief executive.

Pedro Navio will assume the position of North America president at the beginning of next year, having previously served as president of taste, meals, and away from home in North America since 2017.

Furthermore, Willem Brandt, Bruno Keller, Cory Onell, and Diana Frost will be joining Abrams-Rivera and Navio on the executive leadership team.

Brant has been promoted to the role of president of Europe and Pacific developed markets. Concurrently, Keller will assume the position of president of west and east emerging markets. Brant, who has been with Kraft Heinz since 2021, initially served as the president of continental Europe. Meanwhile, Keller, a member of Kraft Heinz since 2014, has held various leadership positions, including managing director for south Europe, president of Canada, and most recently, president of the Latin America zone.

Simultaneously, Onell has been promoted to the position of Chief Omnichannel Sales & Asia Emerging Markets Officer, progressing from his previous role as President of US Sales. Additionally, Frost has been elevated to the role of Chief Growth Officer. Frost, who joined Kraft Heinz in 2020, most recently served as the Chief Growth Officer for North America.

Abrams-Rivera said, “Over the past four years under Miguel’s leadership, we’ve made great progress and now have a solid foundation to build our future. Our strategic plan maps our ‘jobs to be done’ in each of our ‘must-win’ markets and defines the areas where we believe we need to focus to accelerate our growth. Our updated structure is designed to help us activate that strategy – with a focus on profitable growth and a dynamic omnichannel plan.”

He added, “I am incredibly proud these are internal elevations as it reflects the quality of the talent and focus on people development at Kraft Heinz. I’m thrilled to welcome Pedro, Willem, Bruno, Cory and Diana in their new roles, and I am confident these are the leaders to help take Kraft Heinz to the next level and power our growth as we set our course to lead the future of food.”

The new members of the executive leadership team will start their roles at the beginning of the fiscal year 2024.

Wingers gears up for growth with a new outlet at Telford Shopping Centre

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November 21, 2023

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Wingers has successfully acquired a new location for a restaurant in Telford.

The brand anticipates inaugurating the new restaurant in the first quarter of 2024, conveniently located near the cinema within the Telford Shopping Centre.

As per Anthony Round, the Business Development representative at Wingers, the upcoming restaurant will span 2,500 square feet, providing ample room for pick-up, delivery, and dining-in services.

“Telford is a busy, growing town and the location is perfect with numerous well-known brands plus hotels and leisure facilities close by. Telford Shopping Centre attracts a huge footfall and we are confident that Wingers Telford will soon become one of our most popular restaurants and so we are already investing in the store fit out. This means a new franchisee will simply be able to take turn-key delivery of the store to get up and running as quickly as possible following their training,” said Anthony.

Established during the pandemic, the Wingers restaurant and delivery concept was founded by brothers Amran and Dylan Sunner, assisted by their father, Bill. Today, the Wingers family is bolstered by a team of seasoned Quick Service Restaurant (QSR) franchise professionals, propelling the brand’s growth.

Wingers presently operates six successfully established restaurants in the Midlands, and there are plans to open an additional ten franchised outlets within the coming year.

47% of British consumers love adding extra pizza toppings at home: Cooks&Co study

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November 21, 2023

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Homemade Pizzas — Pizza (Representative Image)

According to a survey by Cooks&Co, personalizing pizzas is a favorite among consumers, with nearly 47% expressing a preference for adding extra toppings to their store-bought pizzas.

Approximately 19% have confessed to removing all the toppings and substituting them with their preferred choices. Amongst age groups, individuals aged 25 to 35 exhibit the highest enthusiasm for customizing their pizzas, with 33% of them engaging in this practice.

As a result, the survey identified the top five favorite pizza toppings among Brits, which include extra cheese, shredded or chopped chicken, pepperoni, onions, and mushrooms.

On the flip side, the roster of least-favored toppings includes figs, jackfruit, aubergine, broccoli, artichoke, and seafood. The perennially controversial pineapple sparks intense debate, with almost half (48%) welcoming its sweet tang, just over two in five (43%) staunchly rejecting it, and one in 12 (9%) remaining undecided.

According to the survey, the popularity of pizza toppings such as sweet peppers, chillies/jalapeños, and sundried tomatoes reflects larger culinary trends. These flavors provide distinctive and robust taste experiences, aligning with the increasing fascination with Mediterranean and Latin American cuisines, where these ingredients often take center stage.

The study, sponsored by Cooks&C, was carried out by Censuswide, surveying 2,000 UK General Consumers (National-Representation) between September 11, 2023, and September 13, 2023. Censuswide adheres to the principles of the ESOMAR and employs members of the Market Research Society, while also being affiliated with The British Polling Council.

Chipotle continues UK expansion with a new restaurant in Putney next week

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November 21, 2023

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Chipotle Mexican Grill, the fast-casual eatery celebrated for its dedication to responsibly sourced, classically-cooked dishes featuring wholesome ingredients, has announced the opening of its first restaurant in Putney on November 27th.

Chipotle presently boasts 16 establishments in the extended London vicinity and stands as the sole company of its magnitude to possess and manage all its restaurants in the US, Canada, and Western Europe. Notably, Chipotle was honored as the premier choice for lunch at the Just Eat Best 2023 Restaurant Awards, while the brand’s burrito secured the distinction of being the most sought-after dish in the UK in 2022, as reported in Deliveroo’s annual review.

“Given the rising popularity of Chipotle across London, our expansion in the area remains a top priority for our international strategy,” said Jacob Sumner, Director of European Operations. “This new location will increase the Putney community’s access to real, fresh food.”

Pioneering the fast-casual dining scene, Chipotle is dedicated to Food with Integrity. The restaurant offers irresistible burritos, bowls, tacos, quesadillas, and salads crafted from genuine ingredients, devoid of artificial colors, flavors, or preservatives. Chipotle takes pride in preparing fresh, real food daily, without the use of freezers in its establishments.

Sunpure diversifies into the packaged jaggery market with new products

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November 21, 2023

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Sunpure, South India’s largest edible oil brand, has announced its foray into a new product category with the introduction of packaged jaggery. The newly launched Sunpure Jaggery Powder and Sunpure Jaggery Block in Bengaluru and Mumbai mark a significant step in the company’s vision to become India’s favorite food brand, championing chemical- and preservative-free healthy living. In the coming month, these innovative products will be made available across all existing markets in Karnataka, Maharashtra, Kerala, Andhra Pradesh, Telangana, Goa, and Tamil Nadu.

MK Agrotech, the umbrella organization overseeing Sunpure, is a Karnataka-based entity renowned for amalgamating cutting-edge technology with traditional practices in the food industry. With lofty aspirations, the company aims to evolve into a nationwide FMCG brand, fostering a culture of healthy living among Indian consumers. Recognizing the growing health consciousness among Indian consumers, who are actively seeking healthier alternatives to refined white sugar in their diets, the company strategically chose to explore this new segment with the introduction of Sunpure Jaggery.

According to market reports, the packaged jaggery market in India achieved a valuation of INR 55.6 billion in 2022. Projections indicate that by 2028, it is anticipated to soar to INR 122.1 billion, demonstrating a robust compound annual growth rate (CAGR) of 14.1% over the next five years. Sunpure has set its sights on achieving an annual revenue of INR 120 crores in this segment. In Mumbai, the products are introduced under the names Riso Jaggery Powder and Riso Jaggery Block. Notably, Sunpure expanded its market presence in the Western region by acquiring Riso, a premium edible oil brand in Maharashtra, in February of this year.

Commenting on the product launch, Sridhar Vaidyanathan, chief operating officer, MK Agrotech, said, “India is one of the leading exporters of jaggery in the world, and the domestic market for packaged jaggery is ripe for disruption. With mounting health concerns due to the growing incidence of diabetes, heart diseases, and obesity-related issues, more and more Indian consumers today are replacing white sugar with jaggery, an unrefined natural sweetener made from sugarcane juice. What’s more, jaggery also offers numerous nutritional benefits, making it a healthy addition to the household pantry staples.”

“Unlike traditional jaggery sold in open markets or other packaged jaggery products available in the market, Sunpure Jaggery’s USP is that it is produced using traditional methods with skilled manpower in hygienic conditions, and without the use of any harmful chemicals, artificial colors, or commonly used preservatives. You may notice that Sunpure Jaggery is darker in color due to the absence of bleaching agents; it is 100% natural and safe,” added Mannan Khan, Director, MK Agrotech

Jaggery serves as a beneficial source of iron and antioxidants, while also providing essential nutrients such as calcium, magnesium, potassium, and phosphorus. Sunpure Jaggery is thoughtfully packaged in both powder and block forms for convenient storage and easy transportation.

As a company certified under ISO 22000:2018, Sunpure implements rigorous quality checks to ensure that all its products adhere to the highest standards of hygiene and safety. The current product range encompasses Sunpure Sunflower Oil, Sunpure Filtered Groundnut Oil, Sunpure Rice Bran Health, Sunpure Palmpure, Sunpure Mustard Oil, Sunpure Sugar, Sunpure Vanaspati, Sunpure Swaad, Sunpure Red Chilli Powder, Sunpure Turmeric Powder, Sunpure Coriander Powder, and Sunpure Multigrain Atta.

The cost of Sunpure Jaggery Powder and Sunpure Jaggery Block is set at INR 80.

Ashish Goenka steps down as CFO of Jubilant FoodWorks

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November 21, 2023

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Ashish Goenka, who served as the Chief Financial Officer (CFO) at Jubilant Foodworks Limited, the company behind the Domino’s Pizza fast-food chain, has stepped down from his position.

According to the company’s regulatory filing, his final day in the role of CFO and Key Management Personnel (KMP) at the company is scheduled for December 15, 2023.

“I hereby tender my resignation from the position of President & CFO and as KMP of Jubilant FoodWorks Limited to take up an external opportunity. I request you to relieve me from my role and responsibilities with effect from the close of business hours on December 15, 2023,” Goenka wrote in his resignation letter.

The Chief Financial Officer (CFO) resigned to pursue career opportunities outside the company. He assumed the role of CFO in February 2021.

He thanked the Board of Directors, saying, “I would like to thank you and the Board of Directors for the confidence in me and the support provided throughout my tenure.”

McCain Foods India MD Piyush Patnaik steps down amid controversy

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November 21, 2023

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McCain Foods India’s managing director, Piyush Patnaik, has resigned from his position within a year of joining amid allegations of “improper conduct,” according to a source familiar with the situation.

The typical duration for leadership positions at McCain is four years on average.

Over the last six months or so, McCain India’s Indian division has witnessed the departure of approximately six senior-level executives across various functions, including human resources, finance, agriculture, supply chain, retail key accounts, legal, and exports.

“We confirm that Piyush Patnaik is no longer with the company,” a spokesperson for McCain Foods India stated.

As per executives familiar with the situation, Patnaik’s departure stemmed from accusations of “inappropriate conduct” within the company. In response to inquiries directed to McCain India’s office and global headquarters, the company stated in an email response, “We will have no further comment on his departure for internal confidentiality reasons.”

In response to the inquiry, Patnaik stated, “I have resigned for personal reasons. I intend to explore other interests.”

On the mid-senior level exits within the company, the McCain spokesperson said “In the past year, we have made a number of personnel changes as part of our global strategy to align and optimise leadership roles across the team”.

The representative mentioned that this involved creating new leadership opportunities globally and implementing structural changes across various business areas in India.

Patnaik joined McCain Foods India, a wholly-owned subsidiary of McCain Foods, in October last year.

Sugar prices to remain steady despite new sugarcane crushing season

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November 21, 2023

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Sugar prices are expected to remain elevated throughout the year, even in the lean season, due to a decrease in carry forward stock and anticipated declines in production.

Prices have not eased even though the festive season has come to an end, and the new sugarcane crushing season has begun across the country.

This year, we have not seen any substantial decline in sugar prices after the beginning of the crushing season,” said sugar trader Abhijit Ghorpade.

The ex-mill price of sugar, which hovered between INR 36.50 a kg and INR 37.50 a kg for the smallest-sized S-30 grade around the first week of October due to festival season demand, continues to be within the same range.

The Leela Gandhinagar sets the festive mood with a traditional cake-mixing ceremony

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November 21, 2023

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The Leela Gandhinagar kicked off the Christmas festivities with a traditional cake-mixing ceremony, setting the stage for joyful celebrations.

Renowned as a favored weekend retreat, The Leela Gandhinagar hosted its annual cake-mixing ceremony by the infinity pool. Executive Chef Kapil Dubey and his team presided over the evening, where guests and patrons enthusiastically participated in blending fruits and nuts, heralding the festive season.

During the cake-mixing ceremony, a medley of traditional ingredients, including cashew nuts, walnuts, cherries, dates, prunes, figs, cinnamon, raisins, and black raisins, were enthusiastically blended by all the participating guests. The vibrant energy of the event foretells the creation of delectable, rich cakes and a range of customized gifting options by The Leela Gandhinagar’s skilled culinary team, just in time for the upcoming Christmas and New Year celebrations.

Vikas Sood, General Manager, The Leela Gandhinagar, said, “The Christmas cake-mixing ceremony symbolises the festive spirit of getting together, celebrating good company, and relishing delicious food. We thank all our guests and patrons for their enthusiastic participation in the ceremony today. We look forward to hosting them for Christmas celebrations that will be coming soon at The Leela Gandhinagar.”

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